New York, NY – Many couples can get through a divorce with a simple settlement or court hearings to decide matters related to property division. However, this is not always the best outcome, especially in situations where there are significant questions about a person’s actual value in terms of their investments, income sources, and other holdings. A person who hides or conceals assets during a divorce case can face some serious consequences, however it is not always easy to detect hidden sources of value. Because of the difficulties with detecting concealed assets, the services of a recovery professional can be crucial at these times. Attorneys near me who focus on this area can provide further details.
How asset recovery is defined
Asset recovery is needed in some divorce cases or other transactions where there may be hidden sources of income and other things of value. This is most common among couples who have a high net worth or significant investments, but it can also happen in various business dealings as well, and it is done as a way of protecting wealth that should otherwise be considered in a transaction. The recovery process can consist of going through things like bank and financial statements, accounting records, pay statements, trusts, and various other documents and records to look for inconsistencies with what the person disclosed. Things like offshore accounts are also another common way that people can hide assets.
What are some common indicators that asset recovery may be necessary?
If a person’s lifestyle or apparent wealth seems to be greatly disconnected from what was disclosed, asset recovery can be necessary. It also helps in a situation such as a divorce if the spouse has a strong suspicion that their partner has more wealth than they disclosed based on their prior knowledge of the person’s finances. Some people feel that they are incentivized to hide assets, as large alimony or child support payments can become a significant financial burden, and these can increase based on the person’s income and net worth.
What happens if hidden assets are recovered?
The information about hidden assets can be shared with the courts, and it is possible that a settlement or other agreements related to property division can be modified, even after the initial case is finalized. Depending on the situation, the party responsible for hiding the assets may face additional consequences or penalties as well.
Asset search and recovery professionals are available
There are attorneys who can provide more advice about the process to conduct an asset search and other related matters. Fred L. Abrams is an experienced asset search professional in New York, and he is available to assist anyone who has questions about these matters.
Firm contact info:
31 West 34th Street, Suite 8133, New York, NY 10001
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